Press release

Fri, Jun 21st 2013 09:00 am

State
Comptroller Thomas P. DiNapoli has commended the State Assembly and
State Senate for passing legislation to help local governments deal
with the financial impact of "Superstorm" Sandy. The three bills
submitted by DiNapoli will now go to Gov. Andrew Cuomo.

"Sandy
devastated many of our communities and her effects are continuing,"
DiNapoli said. "The bills passed by the Assembly and Senate give
local governments some additional financial tools to reduce the
fiscal impact of this storm on local taxpayers. I encourage the
governor to sign these bills so these communities can continue to
rebuild and recover."

The
comptroller's bills are:

•Use
of Reserve Funds - Temporarily eases restrictions on the use of
reserve funds to allow impacted local governments and school
districts to pay for Sandy-related expenses;

•Issuance
of Storm Bonds - Provide local governments flexibility in
borrowing to pay for storm costs. The proposed changes would allow
local governments to issue bonds to be repaid over five years to
finance extraordinary costs of storm relief. The proposed changes
would also provide options not available under current law in
connection with the issue of budget notes to finance these costs.

•Extend
Repayment of Inter-fund Advances - Inter-fund advances normally
must be repaid within the fiscal year in which they occur. This
proposal would extend the time for repaying these internal loans.